E
ethain
Guest
I was told of a issue disscussed on prime time last night - if you own your home and live in it as a home, but rent it out before you have lived there for 5 years then you are liable for stamp duty.
This is of interest to me as I own my own home and lived there for approximately 3.5 years. However because of work I have had to move location. In the meantime I have rented my home. The intent was this was going to be short term move until I figured where was the most suitable location to buy.
When I bought my home the value was €180,000 - it was a new build and I was a first time buyer - so I was exempt from stamp duty.
Now if I understand it correctly - my home is now regarded as an investment property and so I must pay stamp duty???
If I were to sell my home (1) what are the tax implications and (2) is there a time frame in which I need to invest the money in a new home?
This is of interest to me as I own my own home and lived there for approximately 3.5 years. However because of work I have had to move location. In the meantime I have rented my home. The intent was this was going to be short term move until I figured where was the most suitable location to buy.
When I bought my home the value was €180,000 - it was a new build and I was a first time buyer - so I was exempt from stamp duty.
Now if I understand it correctly - my home is now regarded as an investment property and so I must pay stamp duty???
If I were to sell my home (1) what are the tax implications and (2) is there a time frame in which I need to invest the money in a new home?